ACCA to ICAEW to ICAA route
For those who wish to hold more than one (1) professional body memberships, this is the post you should check before proceeding.
A lot of people are asking :
(i) Can i become ICAEW member if I have ACCA member?
(ii) How can I become ICAA member after ACCA member?
(iii) How many exemptions can I get from ICAEW if I am ACCA member?
So.... like you all, I wish to gain more than 1 professional body memberships. I've did research and these are the information I can gathered for those students or members who wish to pursue additional memberships after ACCA.
However you need to know this first, you got to have ACCA membership in order to go further than where you are right now. That means you need to complete 14 gruesome exam papers, obtained 3 hell-bend work experience and 14 Practical Experience (9 Essentials and 4 Options), and paid GBP 221 admission fee. I assume you did your research on ACCA membership and obtained the ACCA membership too.
Eventhough, the ACCA memberships (180,000 members encounting.....) had overtook ICAEW memberships in numbers; this means ACCA has more recognition than ICAEW. However, employers are still perceiving ICAEW as more prestigious than ACCA.
NOW.......
Once you've obtained ACCA membership, then you have to register yourself as ACA student.
ACCA students and affiliates - How to register as an ACA student
FIRST STEP, in order to join ICAEW, you’ll need to complete formal ACA training. You can register in two ways:
(a) Registering as a student in a training agreement – This applies if you have been offered an ICAEW training agreement with an ICAEW authorised training employer (ATE) at the time of registration. Students must have their training office number to complete registration. If they are not already authorised, your company can become an authorised training employer. It’s a free and straightforward process. Alternatively, if your manager or any other senior manager in your company is a qualified accountant, they may be eligible to become an authorised training principal.
(b) Registering as an Independent student – This applies if you have not yet secured a training agreement with an ICAEW ATE. You would be unable to gain any practical work experience as an independent student until you have secured an ICAEW training agreement. Independent students are required to fund their own studies and their registration fee must be paid upon registering and must be paid on a calendar yearly basis. In order to complete your registration, you must also email copies of your qualifications to applications@icaew.com.
SECOND, you go claim the maximum exam exemptions. As an ACCA student or affiliate you may be exempt from up to 12 of these exams by applying for Credit for Prior Learning (CPL). Bear in mind that you can only claim maximum of 12 papers (Passing P6 and P7 in ACCA)
Currently ACCA students and affiliates are able to claim credits free of charge providing registration and CPL application has been received by 30 September 2016 as follows (TABLE 1):
Subject
|
Qualifiers and criteria
|
Accounting
|
ACCA Membership
|
Assurance
|
ACCA Membership
|
Audit and Assurance
|
ACCA Membership and P7 Advanced Audit
and Assurance
|
Business and Finance
|
ACCA Membership
|
Business Planning: Taxation
|
ACCA Membership and P6 Advanced Taxation
|
Business Strategy
|
ACCA Membership
|
Financial Accounting and Reporting
|
ACCA Membership
|
Financial Management
|
ACCA Membership
|
Law
|
ACCA Membership
|
Management Information
|
ACCA Membership
|
Principles of Taxation
|
ACCA Membership
|
Tax Compliance
|
ACCA Membership and P6 Advanced Taxation
|
Now you'll have 2 Advanced level papers and 1 case study to complete the whole ICAEW course.
Last, you need to tick off the checklist.
You are required to fulfill the requirements in order to become member of ICAEW, as below:
(i) registered as ACA student and claim 12 papers of exemption as stated in the above TABLE 1;
(ii) then passing last 2 final Advanced level papers (Business Strategy, Business Reporting) and a Case Study (3 out of 15 papers, not too difficult right??);
(iii) 2 years of experience requirements under ICAEW firm.
Hence, you can claim reciprocal agreement between ICAEW and ICAA via ICAEW-ICAA mutual-recognition agreement. Otherwise, reciprocal agreement cannot be claimed.
And NO, you MUST fulfill all the above requirements or else you would not get the ICAEW membership! Stop asking "what-if" (ie. did some articleship or no practical experience). ICAEW not founded by your parents, so wake up and smell the reality!
There is another way to claim ICAEW membership
Student who has passed all the examinations required for membership of professional accountancy bodies recognised under the European Union's Directive 2005/36/EC or Directive 2006/43/EC. Or you are a Member of the followings:
- Institute of Chartered Accountants in Australia (ICAA),
- Canadian Institute of Chartered Accountants (CICA)
- Institute of Chartered Accountants of New Zealand (NZICA)
- Institute of Chartered Accountants of Zimbabwe (ICAZ)
- South African Institute of Chartered Accountants (SAICA)
are eligible to apply for reciprocal membership under clause 12 of the Supplemental Royal Charter. Similar arrangements apply to Members of professional accountancy bodies recognised under the European Union's Directive 2005/36/EC or Directive 2006/43/EC.
Furthermore, ICAA Hand Book states:
"209.4 An applicant shall have been admitted to the overseas accounting body by the usual education and professional examination requirements, not by special recognition or any other mutual recognition agreement.
209.5 An applicant shall have professional experience of not less than three (3) years in the case of an applicant who has graduated from a tertiary institution, or five (5) years in any other case."
Therefore you are a eligible to apply as a member of ICAA once obtained ICAEW membership.
WHAT IF I DON'T HAVE P6 ADVANCED TAXATION IN ACCA?
Well then you can either take 1 extra paper in ICAEW or you can write in ACCA to take additional exam (yeah you can do that eventhough you have passed all 14 papers and obtained membership) hence, passing the P6 will allow you to claim extra ICAEW exemption.
Source:
IF you think this post is worth reading? Then please BOOKMARK and SHARE it with your FRIENDS. Thank You!
#####################################################
......Continue Reading.....
